Nov 28 2011 |
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UNB joins IFC's finance programme
By Staff Report ABU DHABI - Union National Bank has joined the International Finance Corporation 's, or IFC 's, Global Trade Finance Programme (GTFP), to benefits from its guarantees in covering payments risks in under developed markets.The IFC is a member of the World Bank Group and is the largest global development institution focused on the private sector in developing countries. The GTFP programme extends and compliments the capacity of banks to deliver trade financing by extenuating risk in emerging or challenging markets where trade lines may be constrained.
IFC is rated "AAA" by both Moody's and S&P. IFC covers payment risks for over 200 banks across more than 80 countries; as such the agreement would allow UNB to undertake risk exposures in more markets, with the safeguarding of the cover provided by the IFC .
Mona Zein Eldin SVP & Head of Financial Institutions & Structured Finance at Union National Bank said it would allow UNB to expand its geographic coverage into markets which it has previously shunned and thus promoting growth in trade flows in addition to expanding the scope of services extended to our clients.
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